Sudanese pound continues to plunge against U.S. dollar

October 27, 2018 (KHARTOUM) - The exchange rate of the U.S. dollar on Saturday went up to 53,00 Sudanese pound (SDG) on the black market.

Earlier this month, The Central Bank of Sudan (CBoS), formed a body of bankers and exchange bureaus to set the official exchange rate on daily basis.

The move was part of a package of financial and monetary measures designed to tackle the deepening economic crisis in the east African nation.

The government body on Saturday set the purchase price of the U.S. dollar at 47,00 Sudanese pounds while the selling price was put at 47,23 pounds.

Traders speaking to Sudan Tribune Saturday in central Khartoum said the purchase price of the U.S. dollar through cheques has reached 53,00 pounds while the cash purchase was 50,00 pounds.

It is noteworthy that due to the lack of liquidity in the banks, U.S. dollar carries two prices on the black market. The purchase price by cheques is usually higher than the cash price.

The same traders said the demand for the dollar has continued to increase despite the recent government measures, pointing to customers’ lack of trust in the banking system.

They added the security services have carried out large arrest campaigns against money traders in an attempt to curb the rise in dollar price.

Last February, the government introduced a number of measures to curb the rise in dollar price including limiting cash withdrawal from banks to absorb liquidity, cracking down on black market Forex traders and restricting imports.

Economic conditions in Sudan have been challenging since the secession of South Sudan in 2011 and the loss of the bulk of oil production and exports.

The withdrawal of South Sudan oil has compounded the difficult external environment, including debt arrears, limited access to external financing, U.S. sanctions, and the withdrawal of correspondent bank relations.

The most recent International Monetary Fund (IMF) report indicated that Sudan’s gross international reserves remained very low in 2017 ($1.1 billion, 1¾ months of imports).

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Justices delay is justices denied2019-05-21 04:40:18
By Wesley Kosa
The Khartoum Peace Agreement was the result of the political manipulation by the governments of South Sudan, Uganda and Sudan. There were no extensive discussions and mediation (...)

The fear of political reforms in South Sudan2019-05-19 02:16:35
By Duop Chak Wuol
In his Easter message, President Salva Kiir called on the leader of the Sudan People’s Liberation Movement-In Opposition (SPLM-IO), Dr Riek Machar, to go to Juba to form a (...)

Joseph Malwal Dong joined the SPLM/A -IO2019-04-02 08:35:02
SPLM/A (IO) Press Release
1/4/2019 On Hon. Joseph Malwal Dong Joined the SPLM/A (IO)
The leadership of the SPLM/A (IO) would like to seize this precious opportunity to announce to members and (...)